Reason has hit it on the head again. This time regarding Senate outrage about the AIG bonuses. I had heard on talk radio driving home yesterday that the bailout to AIG specifically protected bonuses agreed to prior to Feb. 11, 2009. It was a righty show, so I wanted to check before I got all indignant.
Now, Reason has said the same thing. The provision was included by Banking Committee Chairman Sen. Chris Dodd (D- Conn.). It really is unreal. They voted for the bailout, with few, if any conditions, specifically included an allowance for bonuses, and then express outrage when bonuses are paid and propose a special tax on the bonuses they approved.
From Reason: "It not only is dishonest but also means they, in a breathtaking abuse of power, believe using punitive taxation to appropriate someone's salary is a legitimate function of government."
Obama has asked his Treasury Secretary to pursue every avenue to block the bonuses. To bad he and his fellow Dems didn't think about this before, you know, they specifically approved the bonuses. Its sad that Congress could overlook that this would happen; its dishonest and shameful to specifically allow for it and then express shock. I'm sickened, angry and fearful.
As Reason points out, AIG and the government/people had a contract (the bailout), and now the government/people want out because they don't like the terms they agreed to and created.
That's just now how it works. Or at least it isn't.
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